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Comprehensive 2025 Medical Terminology Software Market Overview: Trends, Forecasts, and Growth Drivers
Medical Terminology Software
What Is the Expected CAGR for the Medical Terminology Software Market Through 2025?
The market size for medical terminology software has seen significant expansion in the past few years. An increase from $1.3 billion in 2024 to $1.5 billion in 2025, representing a compound annual growth rate (CAGR) of 15.8%, is forecasted. The historical growth has been driven by factors such as inconsistency and fragmentation in the terminology content of healthcare organizations, a heightened attention to reducing medical errors, an uptick in the use of electronic health records (EHR), and an increasing trend to uphold data integrity.
What's the Projected Size of the Global Medical Terminology Software Market by 2029?
The market for medical terminology software is projected to experience a rapid expansion in the coming years, growing to a value of $2.73 billion by 2029 with a compound annual growth rate (CAGR) of 16.1%. Factors contributing to this growth during the forecast period include the escalating need to uphold data integrity, health care IT adoption driven by government initiatives, programs intended to encourage the utilization of health care IT, a growing focus on personalized and precision medicine, and improved control over inventory and tracking of newly launched products. The forecast period is also projected to witness significant trends such as a hesitation to shift from traditional practices to medical terminology solutions, progress in developing nations, advancements in natural language processing (NLP), integration with electronic health records (EHR) and the incorporation of genomic data.
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Top Growth Drivers in the Medical Terminology Software Industry: What's Accelerating the Market?
The increasing attention to reducing medical errors is anticipated to drive the expansion of the medical terminology software market. This reduction refers to the approaches and methods being implemented to curb and avoid healthcare errors that could result in harm to the patients. The role of medical terminology software in enhancing the accuracy and effectiveness of healthcare documentation and communication is critical, consequently lowering the potential for medical mistakes. For instance, the Institute of Global Health Innovation, a research institution based in the UK, reported in November 2022 that England sees around 237 million mistakes annually. Hence, the increased emphasis on reducing medical mistakes is fostering the development of the medical terminology software market.
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What Trends Will Shape the Medical Terminology Software Market Through 2029 and Beyond?
In the medical terminology software sector, prominent businesses are pioneering advanced technologies like natural language processing solutions, a field of computer science and AI that enables computers to comprehend textual or vocal human language. This is being done to interpret and respond to human language. As an illustration, Kensho Technologies Inc., a firm with its base in the United States that specializes in AI, rolled out a novel Natural Language Processing (NLP) tool known as Kensho Classify in March 2023. The purpose of this tool is to conceptually classify and understand documents, thereby facilitating analysis of text, smart searches, content suggestions, and simplifying research. Specifically, it is tailored for intricate business and financial applications and allows users to swiftly and effectively discover ideas and subjects in documents without the need for machine learning knowledge or technical expertise.
What Are the Main Segments in the Medical Terminology Software Market?
The medical terminology software market covered in this report is segmented -
1) By Product And Service: Services, Platforms
2) By Application: Data Aggregation, Reimbursement, Public Health Surveillance, Data Integration, Decision Support, Clinical Trials, Quality Reporting, Clinical Guidelines
3) By End User: Healthcare Providers, Healthcare Payers, Healthcare Information Technology (IT) Vendors, Other End Users
Subsegments,
1) By Services: Consulting Services, Implementation Services, Training And Support Services
2) By Platforms: Cloud-Based Platforms, On-Premises Platforms
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Which Top Companies are Driving Growth in the Medical Terminology Software Market?
Major companies operating in the medical terminology software market are 3M Health Information Systems, Wolters Kluwer N.V, Cerner Corporation, M*Modal, Nuance Communications Inc., CareCom A/S, Orion Health, First Databank, SemanticBits, Phastar Corporation, Intelligent Medical Objects Inc., Rhapsody, Clinical Architecture LLC, Infermedica, Apelon Inc., HiveWorx Private Ltd., SNOMED International, B2i Healthcare Kft, BITAC Inc, BT Clinical Computing, West Coast Informatics Inc., Health Navigator, Medical Database, Inc., Prismatik, RealTime Medical, Snomed International, Terminologik, TermSolution Gmbh
Which Regions Will Dominate the Medical Terminology Software Market Through 2029?
North America was the largest region in the medical terminology software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical terminology software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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